Overview |
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Investment Objective
The Portfolio seeks to provide capital appreciation and current income.
Investment Strategy
The Moderate Growth Portfolio invests in two Vanguard® stock index funds and two Vanguard bond index funds in approximately the following proportions:
Vanguard Total Stock Market Index Fund 36%
Vanguard Total International Stock Index Fund 24%
Vanguard Total Bond Market II Index Fund 28%
Vanguard Total International Bond Index Fund 12%
Through its investment in Vanguard Total Stock Market Index Fund, the Portfolio indirectly invests in primarily large-capitalization U.S. stocks and, to a lesser extent, mid-, small-, and micro-capitalization U.S. stocks. The Fund's target index represents approximately 100% of the investable U.S. stock market.
Through its investment in Vanguard Total International Stock Index Fund, the Portfolio indirectly invests in international stocks. The Fund is designed to track the performance of the FTSE Global All Cap ex US Index, a free-float-adjusted, market-capitalization-weighted index designed to measure equity market performance of companies located in developed and emerging markets, excluding the United States. The Index includes more than 5,500 stock of companies in 46 countries.
Through its investment in Vanguard Total Bond Market II Index Fund, the Portfolio indirectly invests in a broadly diversified collection of securities that, in the aggregate, approximates the Bloomberg Barclays U.S. Aggregate Float Adjusted Index in terms of key risk factors and other characteristics. This Index measures a wide spectrum of public, investment-grade, taxable, fixed income securities in the United States—including government, corporate, and international dollar-denominated bonds, as well as mortgage-backed and asset-backed securities—all with maturities of more than one year. The Fund maintains a dollar-weighted average maturity consistent with that of the Index, which generally ranges between five and ten years.
Through its investment in Vanguard Total International Bond Index Fund, the Portfolio indirectly invests in government, government agency, corporate and securitized non-U.S. investment-grade fixed income investments, all issued in currencies other than the U.S. dollar and with maturities of more than one year. To minimize the currency risk associated with investments in bonds denominated in currencies other than the U.S. dollar, the Fund attempts to hedge its currency exposures.
Investment Risks
Through its stock fund holdings, the Portfolio is subject to stock market risk. Through its bond fund holdings, the Portfolio has moderate levels of interest rate risk, income risk, call risk, prepayment risk, and extension risk. The Portfolio also has low levels of credit risk, country/regional risk, currency risk, emerging markets risk, index sampling risk, currency hedging risk, nondiversification risk, and derivatives risk.
Average Annual Returns - Updated Monthly as of
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**Consists of the Spliced Institutional Total Stock Market Index (30%), the FTSE Global All Cap ex US Index (20%), the Spliced Bloomberg Barclays U.S. Aggregate Float Adjusted Index (35%), and the Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged (15%). The Spliced Institutional Total Stock Market Index consists of the Dow Jones Wilshire 5000 Index through April 8, 2005; MSCI US Broad Market Index through January 14, 2013; CRSP US Total Market Index thereafter. The Spliced Bloomberg Barclays U.S. Aggregate Float Adjusted Index consists of the Barclays U.S. Aggregate Bond Index through December 31, 2009; and the Bloomberg Barclays U.S. Aggregate Float Adjusted Index thereafter. Effective September 29, 2016, Barclays indexes were rebranded to Bloomberg Barclays indexes.
Annual Investment Returns
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Index performance is provided as a benchmark but is not illustrative of any particular investment. An investment cannot be made in an index.
